SPRINGFIELD — The Massachusetts Gaming Commission granted MGM Springfield a 30-day extension Thursday to continue working with the city and developers as its considers investing in a market-rate housing project at the historic, long-vacant Elm Street block at Court Square.

MGM Springfield was supposed to decide by this Friday if it would invest in the estimated $55 million project at 13-31 Elm St., as sought by the city, or reveal some other plan for meeting its obligations to provide market rate housing in the downtown area.

The casino is required by the city and the Gaming Commission to provide at least 54 units of market rate housing, and has proposed contributing $11 million toward the Court Square project to help meet that obligation. The building is across the street from MGM Springfield.

The commission voted unanimously to grant the extension just days after developer WinnCompanies of Boston announced that the company along with co-developer Opal Real Estate Group of Springfield, were at the brink of securing the final funds needed to make the renovation-restoration project a reality.

If successful, the project could begin before the end of the year and take 18 months to complete, officials said.

City officials say that the restoration is of critical importance to the downtown district, with the building sitting mostly vacant and deteriorating for the past 30 years. The city requested the 30-day extension.

Commission members stressed that while deadlines are important, they realize the importance of the Elm Street project, and that the city was asking for the additional time to let the city, the developers and MGM Springfield pursue the Court Square project.

“The city really values the prospect of this project," said commission member Enrique Zuniga, adding that the city has made it clear that it is "really a worthy economic development project.”

Commission member Bruce Stebbins said the project is also very important from a historic perspective. The funding for the historic preservation and renovation project consists of public and private funding, including state and federal historic tax credits.

The developers are proposing to convert the site for 60 market-rate apartments, and 14 apartments that wold be restricted to tenants earning up to 80 percent of the area median income. There is also 12,000 square feet on the first floor slated for commercial use.

MGM Springfield Vice President and General Counsel Seth Stratton, said that the casino will be able to reveal its “Plan B” for meeting its housing commitment in 30 days, if the Elm Street project is deemed not viable.

“At the end of 30 days, we would be able to tell you about Plan B, and the expected timeline to get that done.” Stratton said.